| Tensions can run high in both the selling
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| | communication between the agent and the
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| and buying of real estate. After all,
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| | client at all times.Many of our sellers
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| there is a lot of money and emotion
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| | would like us to find a buyer in a week
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| involved! There are also time pressures
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| | or less for their property. Interestingly
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| and numerous privacy issues to deal with.
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| | enough, it is often the property that is
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| The sale and purchase of real estate can
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| | most difficult to find a buyer for that
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| be a lengthy process involving numerous
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| | has the most impatient seller.Even after
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| professionals from many fields.The Real
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| | a property is chosen by a buyer, there is
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| Estate Center at Texas A&M University
| |
| | a lot of time and work still needed from
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| asked 3,000 Texas home buyers to describe
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| | all those involved. The time, the
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| their recent purchase, about 400 replied.
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| | continued negotiations, the inspections,
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| Their responses showed how stressful
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| | reports, and evaluations needed, all the
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| buying a home can be, for buyers and
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| | calls and appointments that need to be
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| sellers. The Realtors and attorneys who
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| | made on behalf of all parties involved
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| try to keep all tensions at bay in order
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| | almost always take far more time than
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| to complete the transaction also feel the
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| | anyone not directly involved can realize.
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| burdens of stress!"The process is
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| | This is usually frustrating to everyone.
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| grueling in the best of circumstances,
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| | The sellers as well as the buyers often
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| and the severe sellers' market of recent
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| | feel they are stuck in quicksand, unable
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| times only increased the stress," says
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| | to move or do anything without sinking
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| Dr. Jack C. Harris, Center research
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| | further into the mire. At the same time
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| economist. "In conjunction with Lawyers
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| | -- that same quicksand of details
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| Title Company, the Real Estate Center
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| | required to complete the transaction
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| asked recent home buyers about their
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| | seems at times to be filled with
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| buying experience and what changes they
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| | alligators ready to bite and take them
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| think would make the process more buyer
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| | down anyway. In some ways, that is all
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| friendly." (quote from Real Estate News
| |
| | too true. And, it is the duty of all the
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| Information Service Feb. 24, 2001)The
| |
| | Realtors involved to keep our clients and
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| final question on the survey was, "If you
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| | customers as comfortable as possible
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| could change anything about the home
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| | during these trying times of details and
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| buying process, what would that be?"
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| | difficulties.The Realtor usually spends a
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| Almost a third answered the question, and
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| | good deal of time trying to manage the
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| most of them expressed dissatisfaction
| |
| | lender(s) and get the money required to
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| about some phase of the
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| | bring the deal to closing. Often this is
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| process.Understandably some of the
| |
| | the most difficult part of the
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| complaints were about circumstances
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| | transaction, even when the buyers and
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| beyond anyone's control. This included
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| | sellers are easy to work with. Usually,
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| high prices, interest rates, the lack of
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| | the first contact with a lender is all
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| listings in a specific area, where they
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| | roses and sunshine. All too often
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| wanted to buy, etc.However, all of us
| |
| | however, the clouds and thorns of
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| Realtors can learn much from some of the
| |
| | problems are soon evident. We Realtors
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| things that WE can, and should, do
| |
| | are often fully employed trying to get
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| something about. Many of the folks
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| | all the requirements fulfilled for the
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| surveyed felt that the Realtor did not
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| | lender and the purchaser and when those
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| perform up to their expectations. They
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| | are complete we work to make certain the
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| were especially miffed when the Realtor
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| | promised funds are still available,
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| assumed too much, that they understood
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| | approved and ready for closing, ON
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| what was going on, and didn't keep them
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| | TIME.At the closing, there is another 2%
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| well enough informed. In such a pressure
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| | to 3% or, in some few cases, even more of
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| cooker of financial and time constraints,
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| | the purchase price involved at closing
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| the unfamiliar territory of buying and
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| | for each the buyer and the seller. The
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| selling a property can be nerve
| |
| | long list of expensive items often seems
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| wracking!Many buyers and sellers need to
| |
| | too costly to both the buyer and the
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| be reassured and comforted. It is
| |
| | seller. Some folks find this irritating
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| sometimes hard for the Realtor to know
| |
| | and feel it to be unfair. Some wonder why
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| which of the dozens or even hundreds of
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| | there are so many fees and services that
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| people they are working with at one time
| |
| | find their way to the settlement table
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| need the most attention. Some of the
| |
| | and may wonder if the fees and services
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| Realtors' clients felt the agent did not
| |
| | were even necessary.The myriad details
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| take enough time with them. This was true
| |
| | involved with the finding, selecting,
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| even for some buyers who had a Buyer's
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| | negotiating, contracting and transferring
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| Agent under contract to work on their
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| | of ownership and funds at final
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| behalf alone.We Realtors should alert and
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| | settlement is time consuming, detailed,
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| educate our clients, whether they be
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| | and often challenging.People are
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| sellers or buyers, to the complexities
| |
| | accustomed to buying most things
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| and details of the real estate
| |
| | instantaneously and getting instant
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| transaction. Some buyers feel that they
| |
| | gratification for their decisions.
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| are rushed through the looking, choosing,
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| | Especially for those of us who use the
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| buying and settling process, and
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| | Internet a lot. In a recent survey it was
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| sometimes they are.More and more buyers,
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| | shown that most people who purchase via
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| especially the most savvy ones, are using
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| | the Internet want the purchase delivered
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| Buyer's Agents. When there is a Buyer's
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| | to them via overnight service. Although
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| Agency Agreement signed, most buyers
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| | Kate and I do most of our promotion,
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| expect far more service. Some feel that
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| | marketing and communications via the
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| they don't always get it. In fact,
| |
| | speedy Internet -- we are not usually
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| according to the survey, 70% of those who
| |
| | able to deliver the completed sale in
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| had a Buyer's Agent wanted even more
| |
| | less than a month or two.Many (let's be
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| care, concern and service from their
| |
| | more honest and blunt) actually MOST
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| agent than they felt they had
| |
| | buyers do not appreciate the legal
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| received.The sellers, too, felt they had
| |
| | complexities of taking title to real
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| received too little service, care and
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| | estate. They most often, simply do not
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| attention in many cases, for the
| |
| | understand why it should be so
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| commission involved. Some seller's felt
| |
| | complicated to buy a piece of land or a
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| that the selling agent was not responsive
| |
| | home, nor do they understand the
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| enough to them, that calls were not
| |
| | complexities of getting them approved for
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| returned promptly enough, or that not
| |
| | the best rate and terms in the mortgage
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| enough assurance, information, concern
| |
| | obligation -- even if they have done it
|
| and communication was forthcoming from
| |
| | before.The real estate industry has made
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| their agent.Even though it is legally the
| |
| | great and consistent accomplishments in
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| seller who pays the Real Estate
| |
| | speeding up the entire buying process;
|
| commission, it is really part of the
| |
| | from searching via the Web to getting
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| overall transaction. Many buyers feel
| |
| | mortgage approvals in sometimes an hour
|
| that they are the ones who are really
| |
| | (as is the usual case with our in-house
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| paying that commission. They feel that
| |
| | broker). Even title searches, lien
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| the several thousand dollar commission is
| |
| | searches, judgment searches and the
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| just tacked onto the selling price by the
| |
| | typing of the dozens of pages of legal
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| seller and thus it is they, the buyer,
| |
| | documentation has been streamlined with
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| who is ultimately paying more for the
| |
| | modern devices and techniques. However,
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| property than they should! Buyers often
| |
| | there is another bundle of issues that
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| feel that sellers inflate home prices to
| |
| | slow the process while the aforementioned
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| recover the cost of the commission.Some
| |
| | have sped it up. The litigious society we
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| purchasers want more contact with the
| |
| | live in, the relatively recent and
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| sellers of the property; before, during
| |
| | growing list of written disclosure
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| and after they decide on the property and
| |
| | requirements and legal contingencies have
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| place a contract on it. Many wanted to
| |
| | adversely affected the time and ease
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| develop a relationship with the seller of
| |
| | involved. It has limited the progress and
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| the property and have direct
| |
| | speed of the individual parts of the
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| communication with them between the time
| |
| | transaction steps at nearly every
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| of the contract and the settlement. Some
| |
| | point.We, as Real Estate Professionals
|
| felt that an agreement would have been
| |
| | should, in fact we must, pay special
|
| more easily arrived at if the sellers and
| |
| | attention and take special care in
|
| buyers could have hammered out details in
| |
| | helping buyers and sellers understand
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| person.Other buyers had met with the
| |
| | what is going on at each step of the
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| sellers and considered that it had been
| |
| | selling and purchasing process. We need
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| the biggest error of the entire process.
| |
| | to make it clear why the various expenses
|
| Most folks felt that the insulation of
| |
| | incurred at closing are ordinary and
|
| the Realtor(s), keeping the sellers and
| |
| | necessary. We need to alert our clients
|
| buyers apart and in communication only
| |
| | and customers to the potential
|
| via written offers and changes to the
| |
| | consequences of each place where they can
|
| contract was appropriate as it gave them
| |
| | be financially and legally harmed or put
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| the advantage of advice and discussion
| |
| | at risk by cutting corners. We do our
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| with their Realtor and time to think and
| |
| | best!Based on every available survey, it
|
| discuss things before responding.A huge
| |
| | is evident that the Internet is growing
|
| part of the work and value that a Realtor
| |
| | and soon to be of utmost importance to
|
| or all the Realtors involved bring to the
| |
| | buyers searching for a home. For the
|
| transaction is the mediation, conflict
| |
| | month of January, 2001 a review of 37
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| resolution, refereeing and monitoring of
| |
| | major search engines showed that Real
|
| communications between buyer and seller.
| |
| | Estate related searching and use was the
|
| Often that is a huge and difficult task.
| |
| | third major use of the Internet, world
|
| Sometimes it is just too monumental to
| |
| | wide. In America, it was second except
|
| achieve satisfaction on the part of their
| |
| | for a temporary flurry of interest in
|
| client. Often it is those clients who are
| |
| | searching for information on digital
|
| most difficult to work with that are the
| |
| | cameras which barely put it in third
|
| least satisfied with their Realtor. That
| |
| | place here also.The Internet is, however,
|
| is all part of the job we do. We do our
| |
| | not the only factor in the overall
|
| best, from our own viewpoint, we try to
| |
| | search. At price ranges of $300,000 and
|
| satisfy the personality of our clients,
| |
| | more; about 90% of the first contacts are
|
| and usually that is well
| |
| | to a Realtor with an attractive,
|
| appreciated!After all, the natural flavor
| |
| | informative, workable and fast acting Web
|
| of a buying and selling transaction is
| |
| | site. As the price of the home descends,
|
| adversarial. The Realtor is like a
| |
| | the percentage of buyers using the Web
|
| Gladiator in most cases; going to battle,
| |
| | decreases. For homes under $100,000, only
|
| in an honorable way and according to the
| |
| | about 25% of our personal response is a
|
| rules, on behalf of their backer -- their
| |
| | result of our Web site presence and
|
| client. There are many behind-the-scenes
| |
| | expertise.Simultaneously, fewer Realtors
|
| conflicts on behalf of clients that never
| |
| | instead of more, are finding the Web
|
| are divulged and shouldn't be. It is the
| |
| | useful according to our recent survey.
|
| duty of the Realtor to put all parts of
| |
| | The reason is obvious to some of us; most
|
| the transaction in the best, although
| |
| | users want sites to be far more
|
| truthful, light possible. A Realtor who
| |
| | informative, more private, and want the
|
| transfers the natural adversarial
| |
| | sites to have a lot more content. They
|
| animosities between buyer and seller does
| |
| | want more pictures, better descriptions,
|
| a disservice to his client no matter
| |
| | related sales, crime reports, etc. Some
|
| which side of the transaction is being
| |
| | of these things are not even available
|
| represented.Most buyers and sellers
| |
| | yet for our market area but the buyers
|
| comments on the survey evidenced the
| |
| | still want them. People would like to
|
| importance and value of the agent in the
| |
| | rule out those homes they are not
|
| transaction process. However, it is
| |
| | interested in before they even contact a
|
| important that all of us Realtors learn
| |
| | Realtor in most cases -- especially for
|
| from our buyers and sellers, especially
| |
| | the more expensive properties.Users want
|
| to responses they give about our
| |
| | the sites to come up faster and to be
|
| profession when they are being surveyed
| |
| | more intuitive of their interests and
|
| on our service.Nearly every week in our
| |
| | needs. People are also reluctant to show
|
| office, at Long and Foster Realtors,
| |
| | what they don't know as it makes them
|
| Rehoboth Beach, our manager reads one or
| |
| | feel vulnerable. Thus we try to have lots
|
| more glowing comment letters from our
| |
| | of data on our site so the sellers and
|
| thankful, satisfied and sometimes elated
| |
| | buyers can educate themselves before they
|
| clients and customers. In fact, Kate was
| |
| | contact a Realtor; hopefully us!Some
|
| the overall Service Award Winner for the
| |
| | clients seem to realize and appreciate
|
| entire year of 1999.From the survey
| |
| | that Realtors are also dependent on other
|
| results of the Texas A&M University, we
| |
| | professionals to make the home buying
|
| as Realtors, are well advised to learn
| |
| | transaction go more safely, more legally
|
| that respondents praised especially
| |
| | proper and in all ways more smoothly.
|
| helpful agents. It is reasonable to
| |
| | Buyers do expect the agent to keep them
|
| assume the majority who wrote nothing
| |
| | informed about progress and to
|
| when asked to comment on any
| |
| | effectively, quickly and professionally
|
| dissatisfaction, on this anonymous
| |
| | handle any obstacles to their goals and
|
| survey, were well satisfied with the
| |
| | purposes in the transaction.The entire
|
| service they received from their
| |
| | process of selling and or buying a
|
| Realtor(s)."We had a great experience,"
| |
| | property, especially a home, can be nerve
|
| wrote one buyer. "The agent made all the
| |
| | wracking and full of tension for everyone
|
| difference. She kept us well informed
| |
| | concerned. Some problems are unavoidable,
|
| almost daily. This was so important to
| |
| | some are unpredictable, some are created
|
| us." While a majority of survey
| |
| | out of nothing by some party to the
|
| respondents had no comment regarding
| |
| | transaction. Many problems can be
|
| agents, 85% said they would use or
| |
| | resolved or avoided if the sales agent
|
| recommend the agent again. (paragraph
| |
| | provides information, reassurance and
|
| taken from Real Estate News Information
| |
| | support to the buyer.In the final
|
| Service Feb. 24, 2001)According to the
| |
| | analysis, it is up to you, the buyer or
|
| survey report, complaints about the
| |
| | the seller to be the "squeaky wheel in
|
| complexity of the home buying process
| |
| | need of oil" and call, write, e-mail and
|
| fell into one of three categories: too
| |
| | otherwise let your Realtor know
|
| complicated, too time-consuming or too
| |
| | immediately when you feel needy of more
|
| costly. Many felt the process involved
| |
| | communication, care, solace or help. Our
|
| too much paperwork. Undoubtedly, they
| |
| | job is about 98% invisible to our
|
| were reacting to the numerous, lengthy
| |
| | customers and clients. Even when we tell
|
| legal forms they had to sign before,
| |
| | everyone what we are doing, it is almost
|
| during and after the contracting of the
| |
| | always hard for them to believe the time
|
| property as well as the seemingly almost
| |
| | it takes for what seems, to them, a
|
| unconfrontable stack of documents
| |
| | simple task. We usually have a few dozen
|
| requiring a signature at closing.It can
| |
| | customers and clients at any one time
|
| take a terrific amount of time to find
| |
| | that we are trying to service as if they
|
| and buy a home. We often work with buyers
| |
| | were the only person in our professional
|
| for months seeking the right home. Some
| |
| | lives.If you are our customer or client,
|
| of them we've been working with, staying
| |
| | PLEASE let us know any time you need us!
|
| in touch with, and showing properties to
| |
| | Simultaneously, we will attempt to
|
| -- for years. Those with some particular
| |
| | anticipate your every need and difficulty
|
| interests may find that a "possible"
| |
| | and be working on solutions before you
|
| choice for them might only come on the
| |
| | even tell us. We are partners in this
|
| market once in a great while! It is not
| |
| | profession with our customers and
|
| an easy or comfortable situation for
| |
| | clients, and the success of every
|
| anyone involved, but the finding and
| |
| | partnership is open and honest
|
| buying or selling of a home or property
| |
| | communication!Now, please let us know how
|
| can be made a MUCH more comfortable
| |
| | we can be of more service to you!
|
| process with open, full and honest
| |
| |
|
